The federal cabinet has approved the designs for Pakistan’s new currency notes under denominations of Rs. 50, Rs. 100, Rs. 500, Rs. 1,000 and Rs. 5,000, sources told ProPakistani.
The cabinet has also approved the discontinuation of the Rs. 10 banknote, which will gradually be replaced with a coin.
The decision clears the way for the introduction of redesigned currency notes across the country. However, the existing notes will not be withdrawn immediately.
The State Bank of Pakistan (SBP) will announce the schedule for introducing the new notes and gradually withdrawing the old designs from circulation.
As mentioned earlier, the new designs will cover five existing denominations: Rs. 50, Rs. 100, Rs. 500, Rs. 1,000 and Rs. 5,000. The Rs. 10 denomination will be issued as a coin instead of a banknote.
The transition will take place in phases. The central bank will be responsible for announcing the implementation timeline and details of the withdrawal process.
SBP first approved the new designs earlier this year, but the cabinet at the time sent them back for changes.
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